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TA: Solana Struggles To Break Key Resistance After $5M Hack

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TA: Solana Struggles To Break Key Resistance After $5M Hack

Solana (SOL) struggles to break key resistance after it suffers a huge loss on a hot wallet hack, losing over $5M creating so much panic in the heart of many faithful. 

The price of SOL looked strong in the early part of the week, trading above $40, trying to break the resistance before having an attack on some wallets drained more than $8 million from Solana users. It now struggles to break above the 50 exponential moving average (EMA) on the one-hour (1H) chart.

SOL Daily Chart Analysis

Solana Daily Price Chart Analysis | Source: SOLUSDT On Tradingview.com

The daily chart for SOL shows it is trading at $38.7 below the 50 & 200 exponential moving average after a reject from reclaiming this region early this week.

This means SOL will need to break above this resistance claimed earlier; this has been a region SOL has struggled to reclaim on the daily chart.

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The volume of SOL indicates there are no buy activities due to the recent incident that has affected the price of SOL.

For SOL to trade higher in price, it needs to break this daily resistance of $40.9; else, we could see some pullbacks to the region of $36.6 if bulls do not step in.

The region of $36.6 is a strong demand zone where more buyers in recent times have seen SOL in a good position to accumulate.

Major resistance on the daily chart – $40.9.

Major support on the daily chart – $36.6, $32.

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SOL Price Analysis On The 4H Chart

Solana 4H Price Analysis | Source: SOLUSDT On Tradingview.com

The price of SOL on the 4H chart shows the price is on a downtrend with swing lows respecting the trendline acting as resistance.

SOL needs to break to the upside of this channel for a change in trend.

SOL is trading below the 50 & 200 EMA, indicating a downtrend direction for the period until a reclaim of the resistance level above the $40 mark before a trend shift can occur.

If SOL fails to reclaim and break above the resistance of $40, it would likely revisit the 4H support region of $35 and $32.

The volume on the SOL chart indicates more sell pressure compared to buys, and if bulls are unwilling to step in, then support areas would be ideal for SOL to build more buy bids.

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The relative strength Index (RSI) for SOL is below the 40 mark, indicating more sales than buys for now.

Resistance on the 4H chart – $40.9.

Support on the 4H chart – $35, $32.

SOL 1H Chart Analysis 

Solana 1H Chart Analysis | Source: SOLUSDT On Tradingview.com

The price of SOL on the one hourly timeframe is in an asymmetric triangle indicating a crucial time for SOL price. There would be a breakout from this region to the chart’s upside or downside. 

A breakout to the upside, SOL will need to overcome the resistance at the $39.7 and $40.9 region for more upside.

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A breakout to the downside, SOL will need to hold the supports at the region of $37.7 and $35; else, we could visit more regions with a high demand of $32

Resistance on the 1H chart – $39.7, $40.9.

Support on the 1H chart – $37.7, $35.

Featured image from Analytics Insight, Charts from TradingView.com 

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Where could Avalanche [AVAX] go with these developments

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Where could Avalanche [AVAX] go with these developments

The Avalanche network in the late hours of 9 August reached a new milestone after it recorded an all-time high in daily transactions metric. It was accomplished when the metric crossed 1.51 million transactions.

Interestingly, the previous all-time high (ATH) was observed just a day earlier. What’s more impressive is that the value of the metric was greater than that of Ethereum, Arbitrum, and Optimism combined.

Source: Patrick O’Grady/ Twitter

There’s more to it

Ava Labs has also been actively developing the network. They have released an upgrade called AvalancheGo Verbier which is named after a popular skiing destination. Head of Engineering at Ava Labs, Patrick O’Grady, stated,

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 “Over the last few months, we’ve been shipping large and expansive changes to the PlatformVM to prepare for v1.8.0. This release is almost exclusively dedicated to that effort.”

Furthermore, the core browser extension announced its support for custom Avalanche subnets along with Ethereum and EVM-compatible chains as well.

This update puts users firmly in control of all their cross-chain assets and makes it simple to access their favorite dApps across networks.

It also allows users to easily view, bridge, and transfer assets across multiple blockchains. This update puts Avalanche in a pole position to scale its operations on a large platform.

That being said, Hubble Exchange has launched a native perpetual futures exchange on Avalanche. The exchange lets traders collateralize multiple tokens to trade perpetual futures contracts, giving traders the ability to maintain exposure to digital assets while using them as collateral to trade perpetuals.

How is AVAX reacting?

In response to the above-mentioned developments, Avalanche’s governance token AVAX, at press time, was trading at a loss of 2.92% over the past day.

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According to data from CoinMarketCap, AVAX, at the time of writing was changing hands at $27.38. But it still managed to put together a bull run that led AVAX at 16.55% gains this week.

The fallout on 10 August was visible across most major cryptocurrencies and was seen as a reaction to the inflation news coming out of the United States.

There has also been a sharp decline in volume across Avalanche with a nearly 21% dip over the day.

Now, will the token recover as market sentiment improves, remains the tight-lipped question in the Avalanche community.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

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What Is FLOW Blockchain And Why Is The Price Up 100% In The Last 24 Hours?

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What Is FLOW Blockchain And Why Is The Price Up 100% In The Last 24 Hours?

Anyone looking at the charts will have seen FLOW due to the incredible rally that its price has been on. The digital asset has gone from being in the shadows to be on the radar of crypto investors after growing more than 100% in a single. However, lesser known is the reason behind this rally. In this article, we take a look at FLOW and what has triggered such an increase in price over the past day.

Meta News Is The Catalyst

On Thursday, news broke that Meta (formerly known as Facebook) was moving forward with its NFT plans. It was implementing an NFT feature for its sister platform Instagram across 100 countries. The platform had been going deep into the metaverse and NFT space, and the announcement did not shock the market. However, the long-time coming news came with a new player that had previously not been named in the plan.

Naturally, as NFTs need a blockchain to run on, Meta had to announce the blockchain that it would be using. It went against everyone’s predictions that the social media giant would use one of the leading NFT networks to implement this feature. However, it announced that the FLOW Blockchain would be its official partner to host the NFTs on its blockchain.

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FLOW trading at $2.7 | Source: FLOWUSD on TradingView.com

The news of the announcement quickly circulated, and FLOW blockchain gained more recognition as a result. By the time the day was over, its’ price had already risen more than 100% to be trading above $2.50  as investors flocked to capitalize on this newfound fame.

FLOW Continues To Rise

It has been a day since the Meta news broke, but FLOW has not declined in any way. The digital asset has risen quickly as it garners more support from the crypto community. At the time the news broke on Thursday, FLOW had been trading at around $1.85. At the time of this writing, it is trading as high as $2.74. This registers as a new two-month high for the digital asset.

FLOW blockchain was built by Dapper Labs and launched in September 2019. It has a strong community of supporters, as Dapper Labs had been behind the creation of CryptoKitties back in 2017. When it launched the NBA Top Shot, FLOW blockchain had garnered more attention.

Despite this, though, the blockchain has not been able to reach a point where it was competing with market leaders such as Ethereum and Solana. However, Instagram’s popularity may yet make it a top contender.

FLOW’s rally has pushed it upwards in the market. It is currently the 29th largest cryptocurrency with a market cap of $2.8 billion. This puts it ahead of cryptocurrencies such as ApeCoin, Algorand, and Bitcoin Cash.

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Featured image from The Coin Republic, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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TA – Apecoin Price Rallies Ahead Of The $10 Mark

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TA – Apecoin Price Rallies Ahead Of The $10 Mark

The price of Apecoin (APE) shows strength after bouncing from a weekly low of $3.10 against Tether (USDT).

APE price has seen a relief bounce, with Bitcoin (BTC) rallying from a daily low of $19100 to a region of $23,000. (Data feeds from Binance)

Price Analysis Of APE On The Weekly Chart

Weekly Price Chart Analysis For Ape | Source: APEUSDT On Tradingview.com

From the chart, the price of APE saw a weekly low of around $3.10, which has formed support.

The price has built more momentum as it faces resistance at $10.

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With a break above the $10 mark, the price of APE would rally to $12.

If the price of APE on the weekly chart fails to break the $10 mark, then a retest is bound at $6.7.

The volume shows decent buy bids, pushing the price of APE higher.

Weekly resistance for APE price – $10.

Weekly support for APE price – $6.7.

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Price Analysis Of APE On The Daily (1D) Chart

Daily Price Chart Analysis For Ape | Source: APEUSDT On Tradingview.com

The price of APE found strong support at around $3.4, with what seems to be the bottom on the daily chart.

APE has continued to rally above this support region of $3.4 to a high of $7.7, where it has faced resistance.

At the point of writing, the price of APE is at $7.4, trading above the 50 exponential moving averages (EMA), which corresponds to the support at $6.2. 

APE price would find support at $6.2, which corresponds with the daily 50 EMA if it drops due to weekend sell-offs.

If the 50 EMA region fails to hold the price, $5.2 would be a good support to hold sell-offs and for a possible bounce of APE price.

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With more buy bids, we could see the price of APE retesting at $10, which has been resistance on the daily chart.

The RSI for APE price on the daily chart is above 65, indicating healthy buy bids for APE.

The volume also indicates positive signs for APE prices to trend higher.

Daily (1D) resistance for APE price – $7.7, $10.

Daily (1D) support for Apecoin (APE) price – $6.2, $5.2.

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Price Analysis Of Apecoin On The Four Hourly (4H) Chart

Four Hourly (4H) Price Chart Analysis For APE | Source: APEUSDT On Tradingview.com

The price of APE has shown great strength on the 4H chart after forming support at $4.22. 

APE price has rallied from this region, forming a bullish uptrend channel on the 4H chart.

The price of APE was rejected at $9.10, which saw sell-offs.

APE price is $7.4, trading above the 50 & 200 EMA with prices of $7 and $6.1 on the 4H chart. These prices would act as support areas for APE on the 4H chart.

The price of APE has formed an upward trendline after rallying from a low of $6.50.

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Four Hourly (4H) resistance for APE price – $8, $10.

Four hourly (4h) support for APE price – $7, $6.1.

Featured image from NFT News Pro, Charts from TradingView.com 

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